Small Business Tips for 2018

Monday, March 12 at 02:00 PM
Category: Business Banking

Is your business aware of the latest trends in technology or security? Whether you have just created your first business plan or you are a seasoned small business owner, the ability to recognize trends in your industry is important.

When you spend time learning and evaluating what’s to come in the next few months or year ahead, you are better equipped to make decisions about whether or not following the trends will give you the competitive edge you desire.

We’ve compiled a short list of suggested tips for business owners to consider in 2018 and beyond, based on common trends.

  • Embrace technology. Technology is constantly evolving. Your customers and employees will likely take notice if you invest in ways to improve your overall online and mobile presence and functionality. For example, if you offer goods or services, make sure your online platform is set up to accept payments or book services with ease. Consider accepting digital wallet and peer-to-peer payment methods, as they are increasingly popular. Take advantage of automated processes and spend time thinking about your digital strategy as a whole before making big decisions regarding costly technology improvements. Inquire whether the technology you are considering is fleeting or here to stay before you take the leap. 
  • Discover efficiencies. Getting the job done in the most efficient and effective way possible is always on trend. There are several ways that you can streamline your staff expenses and business costs to produce results. For example, consider a corporate credit card program that comes with real-time advanced management and tracking tools. Further, if your company requires employees to travel, many credit cards offer auto rental insurance, automatic travel accident insurance and many other complimentary services. The use of rewards points may also be useful in streamlining business costs as they can be acquired by each individual cardholder. Arvest Flex Rewards™ program is complimentary and allows cardholders to earn points with every eligible purchase. These points can be redeemed for travel, cash back and more. New corporate card customers are eligible to receive 10,000 bonus points until April 30, 2018.
  • Take security seriously. Informational hacks are widespread these days and can be extremely costly for businesses. You owe it to your business to keep your customers’ information and other data safe. Small businesses are not immune to data breaches—a Champlain College study reports* that 55 percent of small businesses reported at least one data breach in 2016. Perhaps even more startling is that the study found 60 percent of small businesses failed within six months of a cyberattack. Explore your options and know how to best protect yourself and your business.
  • Make it personal. Reports indicate* that America’s “Generation Z” or those born after 1998, are now “rising in influence” and understanding them as employees and consumers will become increasingly important for businesses. Some experts note* that this generation expects and responds to personal marketing and experiences. So, it may be time to assess whether your business is ready to provide personalized customer service and interaction whenever and wherever possible.

As you prepare for the future, keep in mind that looking back at your past business performance can also prove to be an enlightening exercise and can help you avoid future mistakes. Warren Buffett once said: “In the business world, the rearview mirror is always clearer than the windshield.”

The views of this article are for general information use only. Please contact and speak with a subject expert or your banker when specific advice is needed.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Business Banking
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